JAKARTA - PT Bank Rakyat Indonesia (Persero) Tbk or BRI was appointed to become the sole custodian bank for funds raised by the Public Housing Savings Management Agency (BP Tapera). Later the state-owned bank will be in charge of managing the placement of participant funds.
A custodian bank is an institution that is responsible for securing the financial assets of a company or individual. One of the points that becomes a condition for selecting a custodian bank is the ability to manage large accounts. So what are the roles of BRI?
Executive Vice President of Investment Services of BRI Tjondro Prabowo said that his party received two main mandates as a custodian bank, namely managing Tapera funds and BP Tapera assets. In its management, Tjondro explained, BRI has three obligations or duties that must be carried out.
First, BRI is obliged to record the amount of Tapera fund deposits of participants and their fertilization. Second, the company is also required to calculate the Net Asset Value (NAV) of the Tapera fund on every stock exchange day.
"Third, BRI is obliged to submit an annual audited financial report for Tapera funds," he said, in a virtual discussion entitled Optimizing the Management of Tapera Funds Amid Decreasing Trust in the Financial Sector, Friday, August 28.
At the beginning of its operating period, BP Tapera will have 4.1 million participants with a management fund of IDR 10 trillion, the result of migration from the Housing Savings program (Taperum) for civil servants (PNS). However, the number of participants is targeted to reach 13 million people by 2024 with funds under management of around Rp. 60 trillion.
Tjondro realized that the mandate given to BRI was not easy. According to him, managing funds from a large number of participants will be a challenge for the next few years.
Furthermore, Tjondro said, as the custodian bank appointed by BP Tapera, his party would record in detail the amount of participant deposits, along with the results of the fertilization.
In order to support the success of the Tapera program, said Tjondro, the company has prepared extra needs. Among them are preparing business processes, IT infrastructure, and superior human resources.
"To support the Tapera program, we are preparing a special unit, in addition to the existing team custodian. We also prepare adequate infrastructure and business processes, as well as competent people to handle it. Everything will certainly run smoothly with the cooperation of each party. "he said.
On the same occasion, Deputy Commissioner for the Fertilization of Tapera Funds, Gatut Subadio ensured that public funds in Tapera would be safe. This is because the Tapera fund investment contract will be divided into various instruments.
Gatut said, 40 to 60 percent of the allocation for fertilization is done through investment managers, either through conventional investment contracts or sharia investment contracts.
Furthermore, he explained, the fertilization funds will be placed in deposit instruments, government securities, regional government securities, housing and area securities, and other profitable investments.
In addition, the utilization allocation of 30 to 55 percent will be managed by banks and finance companies through securities for the distribution of mortgage financing in the form of housing construction loans or home renovation loans.
"There is also an allocation for the Tapera fund. 5 percent is placed in an operational account for the return of participant funds and deposits (if the funds have not been withdrawn). Reserves need to be done. So we need to ensure that the savings can return to the saver with the results of the fertilization," said Gatut.
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